Singapore fintech Qashier secures Major Payment Institution licence

Singapore-based fintech startup, Qashier, has been granted in-principle approval for a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). This significant development will allow Qashier to diversify its offerings within the Southeast Asia region, providing businesses with a safer and speedier means of processing payments.

Having received the green light for the MPI licence, Qashier now has permission to offer merchant acquisition services alongside domestic and cross-border money transfer services. The licence application approval follows a necessary process instigated by the introduction of the Payment Services Act ("PS Act") in 2019. This regulatory framework governs payment systems and payment service providers in Singapore.

Prior to the PS Act, Qashier, like many other companies already functioning, was mandated to apply for an official licence. During this phase, the startups continued to operate under an exempted framework. Throughout the period ranging from 2019-2024, Qashier was granted an exemption under the PS Act, enabling it to provide services, including domestic money transfers, inward cross-border money transfers, and merchant acquisitions, across Southeast Asia.

"We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our licence application. We hope to pave the way for our industry while at the same time, offer safer and faster domestic and cross-border payments for businesses in Singapore and the region," uttered Christopher Choo, Co-founder and CEO of Qashier. He continued, "Qashier looks forward to progressively introducing a suite of omnichannel product and service offerings enabling restaurants and retailers in Singapore to operate, transact, and grow across Southeast Asia."

Since its establishment in 2019, the fintech company has witnessed immense growth, having processed a staggering over US$1 billion worth of transactions and empowered more than 6,000 businesses across Southeast Asia with its integrated hardware and cloud-based software solution designed to streamline business functions. Qashier currently operates four offices across Southeast Asia, specifically in Malaysia, the Philippines, Singapore, and Thailand.